Pricing mechanism for divestment of Pak Re-Insurance company approved

Business

ISLAMABAD:- The Board of Privatization Commission has approved the pricing mechanism for divestment of Government of Pakistan’s shares in Pak Re-Insurance Company Limited.

The 9th Privatisation Commission, Board meeting of the current year held in Islamabad, under the chairmanship of the Federal Minister and Chairman Privatisation Mohammedmian Soomro.

Federal Secretary, Board members, senior officers of the Ministry and Financial Advisors attended the subject meeting.

Various important issues including hiring approval of Financial Advisor for Sindh Engineering Limited (SEL) transaction, approval of pricing mechanism for divestment of up to 20% of GoP shares in Pakistan Re-Insurance Co. and update on the overall privatisation program was discussed.

In the meeting pricing mechanism (Floor Price) for divestment of up to 20% GoP shares in Pakistan Re-Insurance Company Limited (PRCL) was presented for approval of the PC Board.

After deliberations the Board approved the proposed pricing mechanism and recommended it to the CCoP and Federal Cabinet for final approval.

The Cabinet Committee on Privatisation (CCoP) and the Federal Cabinet have already approved the transaction structure for divestment of up to 20% shares of PRCL. The Board also approved the appointment of Financial Advisor for transaction of Sindh Engineering Limited(SEL).

The overall update of the privatisation program was also discussed in today’s board meeting. Federal Minister for Privatisation Mohammedmian Soomro said that due to utmost struggle of Privatisation team and government policies the privatisation program is on fast track.

Leave a Reply

Your email address will not be published. Required fields are marked *